Gordian RunOff Limited granted a NSW CTP insurer licence

notice | 21/12/2018

Gordian RunOff Limited has been granted a NSW CTP insurer licence. Zurich will transfer open claims to Gordian RunOff Limited on the 31 December 2018.

Gordian RunOff Limited (ABN 11 052 179 647) (“Gordian RunOff”) submitted an application and business plan to apply for a NSW CTP insurer licence, under Part 7.1 Motor Accidents Compensation Act 1999 (“Act”). As part of the application process Gordian Runoff signed the Accession Deed to the Insurance Industry Deed and paid the required licence fee.

The Authority considered and reviewed the application and business plan and, as part of the review process, commissioned an independent review of Gordian RunOff’s claims handling processes. The Authority determined that Gordian RunOff Limited meets the requirements for a NSW CTP insurer licence. The Authority gave 14 days’ notice to all current licensed insurers of the proposal to grant a licence to Gordian RunOff, which was granted on 13 December 2018.

Zurich’s NSW CTP insurance portfolio transferred to Gordian RunOff

On 18 December 2018, the Federal Court of Australia confirmed the transfer of Zurich’s NSW CTP insurance portfolio to Gordian RunOff from 12.01am on Monday 31 December 2018 (“Transfer Date”).

Policyholders’ and claimants’ rights and responsibilities will not be impacted by the transfer. Gordian RunOff will honour all the terms and conditions of the NSW CTP Policies and will continue to provide the same cover.

Any claims not finalised by Zurich before the Transfer Date will be assessed by Gordian RunOff, without needing to be resubmitted. Enstar Australia (who like Gordian RunOff are a wholly owned subsidiary of Enstar Group) have been handling claims made in respect of NSW CTP Policies on behalf of Zurich since 15 June 2018. They will continue to handle claims made in respect of the NSW CTP Policies after the Transfer Date on behalf of Gordian RunOff.